Stocks rally lifts market by N3.2tn

The Nigerian stock market staged a recovery during Tuesday’s trading session as the overall market capitalisation advanced by N3.204tn to cross the N147tn threshold.

This rebound effectively reversed previous losses and restored a bullish sentiment across the floor of the Nigerian Exchange.

The All-Share Index surged by 4,977.51 points, a 2.23 per cent increase, to close at a record 228,579.80 points, while the total market value settled at N147.174tn.

This upward momentum was largely spearheaded by price appreciation in heavy-duty stocks, including Presco, Aradel Holdings, BUA Foods, Dangote Cement, and Lafarge Africa. Despite the massive leap in market value, market breadth remained slightly tilted towards the bears, with 40 stocks declining against 39 gainers.

Top performers included Industrial & Medical Gases Nigeria, FTN Cocoa Processors, and Lafarge Africa, all of which gained 10 per cent. Other notable gainers were Austin Laz & Company, which climbed 9.71 per cent, and the duo of Presco and Aradel Holdings, which both saw a 9.52 per cent rise.

Conversely, the banking sector faced some pressure as United Bank for Africa led the losers with a 10 per cent drop to close at N44.55 per share. Trans-Nationwide Express and NASCON Allied Industries followed closely with significant declines of 9.99 per cent and 9.18 per cent, respectively. Trading activity saw a substantial spike as the total volume of shares traded jumped by 41.50 per cent to over 959.6 million units, carrying a total value of N70.470bn across nearly 75,000 deals. Access Holdings remained the most sought-after stock, topping the activity chart with over 219 million shares traded. Other major contributors to the day’s liquidity included Fidelity Bank, Wema Bank, and Zenith Bank.